153Application of this Division

153 Application of this Division

(1) This Division applies to a body corporate if:

(a) the body corporate:

(i) is a designated entity; or

(ii) is a related body corporate of a designated entity and is incorporated in Australia; and

(b) a declaration under subsection (2) is in force in relation to the designated entity.

(2) For the purposes of paragraph (1)(b), the Reserve Bank may, by notifiable instrument, declare that this Division applies in relation to a designated entity if the Reserve Bank intends:

(a) to take either or both of the actions in subsection 93(2) in relation to the entity; or

(b) to make a determination under section 118 that there is to be a transfer of shares in the entity; or

(c) to make a determination under section 119 that there is to be a transfer of business of the entity; or

(d) to give a direction to the entity under subsection 91(1).

(3) The Reserve Bank must revoke a declaration made under subsection (2) in relation to a designated entity if:

(a) the entity begins to be under statutory management; or

(b) the Reserve Bank makes the determination mentioned in paragraph (2)(b) or (c); or

(c) the Reserve Bank gives the direction mentioned in paragraph (2)(d); or

(d) the Reserve Bank ceases intending to do the things mentioned paragraphs (2)(a) to (d).

Note: If paragraph (a), (b) or (c) of this subsection applies, Division 6 (moratorium and stays during resolution) will apply in relation to the entity.

(4) Subsection (3) does not limit the application of subsection 33(3) of the Acts Interpretation Act 1901 in relation to a declaration in force under subsection (2) of this section.